ANALYSIS OF KEY CHANGES IN THE NEW TAKEOVER CODE 2011
The capital market regulator, Securities Exchange Board of India (“SEBI”), has been expressly mandated to regulate substantial acquisition of shares and takeover of listed companies in India. SEBI had been mulling over amending the existing SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 1997 (“Takeover Code of 1997”) for quite some time now.
IMPACT OF THE CCI ORDER ON REAL ESTATE SECTOR
The recent judgment of the Competition Commission of India (“CCI”) in Belaire Owner's Association vs. DLF Limited has created ripples in the real estate sector. The news has come as another dampener for the sector that is already
reeling under the impact of hike in interest rates, dwindling buyers and a looming recession in USA.
CONVERSION OF A PARTNERSHIP FIRM, A PRIVATE COMPANY AND AN UNLISTED PUBLIC COMPANY TO A LIMITED LIABILITY PARTNERSHIP
'Limited Liability Partnership is an alternative corporate business vehicle that provides the benefits of limited liability of the company, but allows its partners the flexibility of organizing their internal management on the basis of a mutually arrived agreement’
ENFORCEABILITY OF SHARETRANSFER PROVISIONS IN PUBLIC AND PRIVATE COMPANIES
An important consideration for investors in today's equity market is the freedom to enter into private contracts regarding transfer of shares of a company. These contracts typically aim at investor protection by incorporating clauses regarding share transfer restrictions such as the right of first refusal, tag along/drag along rights etc.
IDEA CELLULAR JUDGMENT
A Division Bench of the Bombay High Court comprising of A.A. Sayed and J.P. Devadhar JJ, has on 14th July 2011 by a common order disposed of writ petition nos. 730 of 2009, 345 of 2010, 1837 of 2009 and 38 of 2010,filed by Aditya Birla Nuvo Ltd; New Cingular Wireless Services Inc., and Tata Industries Ltd against the Deputy Director of Income-Tax and others.
ENFORCEABILITY OF PUT OPTIONS
Recently there have been a number of media reports that the regulators of the Indian capital market, specifically the Securities Exchange Board of India (“SEBI”) and Reserve Bank of India (“RBI”), are objecting to 'Put Options'. These news reports are based on views taken by SEBI and RBI regarding certain recent commercial transactions being carried out.
PROPOSALS IN FINANCE BILL, 2011
The Finance Bill, 2011 was presented by the Finance Minister, Shri Pranab Mukherjee on 28th February, 2011. While the Hon'ble Minister refrained from making too many changes in view of the Direct Tax Code (DTC) and the
upcoming Goods and Services Tax (GST), some amendments of interest are as under : DIRECT TAXES
THE TELECOM COMMERCIAL COMMUNICATIONS CUSTOMER PREFERENCE REGULATIONS, 2010
With a view to protect the subscriber's privacy and right to live a peaceful life, the Telecom Regulatory Authority of India (TRAI) in June 2007 had notified the Telecom Unsolicited Commercial Communications (UCC) Regulations, 2007 (Regulation 2007) for curbing unwanted calls to the subscribers.